New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-31

chant What is the matter with all OF us what IN
matter with the money marketr Tho merchant ~
piled az really nothing the matter except tha1
you managers OF banks and other financial institutions
have got asonabls and have lost your
heads because OF much interested talk public atiou
about fear of stringent money" As the conversation
continued the president lot drop tho statement tha1
the condition of the bank that morning required It,
by the law-to hold 100000 legal money,
but it had In it, vaults sl,3ooyooo and
that surplus of he dared not increase
banks He intended to be conservative. The cor
dition OF bank by last Saturdays statement a
follows Loans So 2Os, 800; deposits 9o0 which
required reserve Of S905 It held 800 specie
and S77.l00 legal tenders total reserve $l,3936oo
giving surplus of $4s7 1928, which sum when scars6
not on Is the basis expansion OF n
loans and yet bank will not Increase its loanss
single dollar although Its surplus" reserve Is equal
Its capital This Is tho method by which some OF the
banks aid the wreckng OF values at the Stock Exchange
while at other times they have run below the legA
without hesitation The reserve OF the bank
ferred TO last Saturday SO $40 per cent OF It's net
deposits while that OF the Corn Exchange Bank estsu
bsnk only Is 3-l0 and no one will think OF ques
tioning tho ability nor conservation OF The
management OF the Corn Exchange. This sxampb
tells the story Of the condition OF the mon9
market The National banks Of the New-York Clear
Ing House hold over 100000 Of reserve b
excess Of the requirements OF 25 per cent to deposl
but because the fear believe that tho
speculative interest OF certain large operators to man
money stringent they let their conservatism walt upos
their nots and thus directly aid In temporarily les
SEEMING Of such securities as they may hold
collaterals for loans
The stock market today was feverlsh AMI unsettled
The rumor committee again work. but this time
not with individual credits. Some unnamed hnsadA
institution (propaby unnamabs said TO be In stran
because OF its loans cottcn-seed oil certificates and
other trash The early resale Of some 1000 shares
Erie which late yesterday ostensiby purchaser
for London account started the report that London was
selling which, together with the general weakness OF the
London market Americans, chilled the whole speci
lation After Erie had declined some per cent Londoa
did buy OF It some 5000 1000 shares. But the BAN
had psen started rolling down hill and every room trader
again turned and sold haphszar the neareststoct
to him The feature OF the day. however was reserved
for the closing Manhattan Consolidated which
last evening closed 1894 BID and OF which carly there
were no Sales suddenly after 1:3O o'clock seeking
buyers at from l0s down 10 % G9S4, and Missouri
Pacific which early sold at 93a was wanting buyers
81 at tae close. According to the Official annouhcenens
OF the terms OF the Manhattan deal OF June 81 AMI ths
general accepted theory Of IT, it now would seem tha
Mr. Field exhibited wonderful tact AMI shrewlnea
while Mr. Gould was wanting In both qualities. But III
whole transaction together with what has occurrcih
the market snoe probably Is the best Illustration ever
given the failure of the purpose OF the ostrich In m
ing Its head the sand. The Manhattan
and Missouri Paclnc epsodes hau their moral ehees
the whole market and prices sagged on ana c'osed
about the lowest OF the day but there was little OF ~
excitement and almost every one viewed the Lev
wreck with compaceBcy II not with sarfsfacuon
Where all the stocks The present bear caS
paign built up on the supposed damaging euecS =
went into effect April The selling began IN nsrca:
but during that month there was considerable advrs
in prices A halt and some reactions occurred early
April, followed by irregularities and special Mossoa
feyersh and unsettled till in June substantial advsn
made for the general list All remember the Srssx
Union aud the effects upon the market In july good
eovsriss were made I'll ,hs break on July 80 20 va
which principally In the lowpreed STOCKS anu 49,
identified with certain interests about which false epes
freely circulated And 20 day we have reessss
on q small scale OF June "a During Ill this tire, slnc
March l, powerful bear party mas oeen NJ W.
against values The collapsed coffee speculation; 70.
advance in the price OF cotton. and nnaiy w., "
OF the francisco wheat speculation have all oecs
one knows that EACH and every one OF them tue W
iapsesJ have proved blessings to the whole county,
August there has been little talked Of except the nccs
sity OF quidaons In stocks and ugat money ID
minor S AT. a'Ts ss nave s Sss M
In others and the Gould stocks bave always proved ~
ciaily depressing influences every time tna the mss
this large expenditure Of force and rOmasd
deny that the short" interest the close Of baslnsS
to-day large as IL has been at any time some ~
has purchased all the stocks which have been
the contracts Of the bears And the result IN price,
shown In the following taoie, which gives tns svsm
august asd the closing prices Of today. 1t is not necs
sary TO remind readers Of dividends taken gu eat
to the price OF March l. per cent for Juas "a
Der cent for August and for to-day. That h. Realms
today Is pa per cent lower than 1t was on Marca l.
Prices, Loves. Loves, S Ts